Sotheby's Narrows Loss in Taubman Sale

Sotheby's Narrows Loss in Taubman Sale

Article excerpt

The auction house said that brought the estimated shortfall from
its record-setting $515 million guarantee to the heirs of the
onetime executive, A. Alfred Taubman, to $3 million

In its final auction devoted wholly to its former chairman's
collection, Sotheby's sold $24,128,750 worth of Old Master artworks
on Wednesday night, a figure that falls near the middle of the $21
million to $30 million it had projected.

The auction house said that the sale brought the estimated
shortfall from its record-setting $515 million guarantee to the
heirs of the onetime executive, A. Alfred Taubman, to $3 million.

On Friday, it had projected a $6 million loss in a call with
investors and analysts. Tad Smith, the president and chief executive
of Sotheby's, said in that call that Sotheby's also expected to
incur an additional loss of $6 million in expenses associated with
the sale of art belonging to Mr. …